Summer Cloud,
I bought an Elite V5.1 set up about 4 years ago. Despite costing a small fortune with the add-on multi engine module and throttle quadrant, I have managed to pass 4 multi engine commercial I/R renewals (including the new European JAR test) having done most of the practice on the PC. I was even complemented on my accuracy after one of the tests!.
I can honestly say that it has been one of the best investments I ever made. In addition to being able to practice all the more tedious holds and approaches repeatedly with differing levels of turbulence and wind, you can practice planned routes prior to an actual trip.
The only health warning to anyone contemplating a purchase is that it is not an entertainment package i.e. there are no real graphics other than the instruments and a view of the runway as you break cloud. V6 may have improved on this front but I don't know for sure. For serious training/practice I've seen nothing to beat it.
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TwinComm